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For each of the following situations, find the consumer's optimal bundle. Be sure to show your work. Also, for each case, draw the consumer's budget constraint, indicate the optimal bundle on the graph, and accurately draw the indifference curve that runs through the consumer's optimal bundle. a) U(X,Y) = X2Y. The consumer has $24 to spend and the prices of the goods are PX = $2 and PY = $4. Note that the MUX = 2XY and the MUY = X2.0
Getrag expects its sales to raise 20 percent next year from its current level of $4.7 million. Getrag has current assets of $660,000, net fixed assets of 1.5 million dollar,
A manager at strateline manufacturing much choose between twoshipping alternatives: two day freight and five-day freight. Using five day freight would cost $135 less than using two day frieght.
Identify the fallacy in the following discussion: "The effect of an excise tax on a commodity might seem at 1st sight to increase the value that buyer pay.
The cost of 150 H.P. compressors bought five years ago is as follows. For the first 50 compressors the cost was $2,000 per unit, and for the second 50 the cost was $2,400 per unit. Find the cost of 100 compressors of 200 H.P. rating today.
According to scientific nutritional studies in most nations, income of $1 a day does not provide sufficient food, shelter and clothing to live. Under these situations the medical risk of death is high.
Indicate your understanding of the current state of the economy by reporting whether you believe we are in a recession, a trough, in a recovery, or at a peak of the business cycle given a comparison of current and historical levels of real GDP.
KROM-FM is currently contemplating a T-shirt advertising promotion. Sales data from T-shirt shops marketing a prototype of the KROM design indicate that Q=1,200-200P Where Q is T-shirt sales and P is price.
A monopolist supplies to a market with (inverse) demand given by D(Q) = 100 ? Q. The monopolist has constant marginal cost c = 2. Compute the monopolists profit-maximizing supply choice and the corresponding mark-up over marginal cost.
Explain why the waiter will provide bad service and since you are interested in good service, can you convince the waiter, in a binding/credible manner that you will tip him?
A theater that shows the same movie to large families and to individuals and couples. (Hint: For which set of people will the overall expense of a movie be a larger part of their budget, so that demand is more elastic)
Derive the FOC and SOC conditions of profit maximization for this firm. Show that SOC is satisfied (impose necessary conditions). Which plant will have a greater increase in output? Please explain why.
Which of the following have traditionally been considered natural monopolies? Public universities, Public golf courses, public parks,public utilities
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